Germany-based real estate fund Deka Immobilien has paid $503 million [345 million euros) for the commercial space in the new Stantec tower in Edmonton’s ICE District. It is the largest office sale in Edmonton’s history, in terms of dollar value. The purchase does not include 36 floors of residential space in the tower.
Breakdown:
Property type: Office/retail tower
Location: Downtown Edmonton’s ICE District
Property size: 620,000 square feet of office space; 62,000 square feet of retail space
Not included: 36 floors of residential space
Sale price: $503 million
Seller: ICE District Properties (joint venture of Katz Group and One Properties)
Buyer: Deka Immobilien, Germany
Sale announcement: September 24, 2019
